category: Unregulated Brokers

Is PRIMEXQ Scam or Legit Broker?

No, it is not safe to trade with PRIMEXQ. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information and contact details. They superficially mention on the website that the company is licensed, however, they don't provide any registration numbers or any names of the regulatory authorities.

What is PRIMEXQ?

PRIMEXQ offers its customers an opportunity to trade in Shares, Indices, Forex, Commodities, and Cryptocurrencies with CFDs. According to the website, the broker's location address is Kärntner Ring 11- 13/2/7/3, Wien, Austria.

• We have conducted research and it turned out that the provided address belongs to the Citibank International Plc Austria Branch, which definitely has nothing to do with PRIMEXQ. Moreover, the brokerage is not authorized to provide financial services in Austria or probably any other country.

PRIMEXQ Review Conclusion

We advise all investors and traders to avoid PRIMEXQ and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

PRIMEXQ Update

Our research revealed that the PRIMEXQ website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is Obsbit Scam or Legit Broker?

No, it is not safe to trade with Obsbit. Obsbit is owned by Setonix Holding Ltd., an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is Obsbit?

Obsbit offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. The broker claims to be registered in the Marshall Islands, however, the terms and conditions state the company is under the jurisdiction of Vanuatu. Anyway, most of the brokers operating in such offshore zones are not regulated and are not to be trusted in general.

• In addition, the company provides contact numbers with the phone codes of the UK, Germany, and Spain, when it is not actually regulated in any of them. It also means that Obsbit has been mainly targeting European residents. Moreover, Spain's regulator CNMV has issued a warning against this broker:

"SETONIX HOLDING LTD is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Obsbit Review Conclusion

We strongly advise all investors and traders to avoid Obsbit and other brokers from the Marshall Islands. Offshore or unregulated brokers are not reliable for investments. In forex trading, money safety is the key, and lack of regulations is the greatest red flag. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Obsbit Update

Our research revealed that the Obsbit website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is SwiftCFD Scam or Legit Broker?

No, it is not safe to trade with SwiftCFD. SwiftCFD is owned by Digital Enterprise Ltd., an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as YFX Capital, Pinprotrade, and more.

What is SwiftCFD?

According to the website, SwiftCFD is an innovative consumer trading company offering clients an easy and intuitive way to trade all the major financial markets including Forex, Commodities, Indices, or Stocks. There is another company behind the brand's name, Digital Worldwide OU, registered in Estonia. However, the company is not authorized by Estonia's Financial Supervision Authority.

• The other brand of the Digital Worldwide OU, RoyalCFDs, that we have previously reviewed, along with the company been banned by the UK's Financial Conduct Authority in October 2018.

• Both brands' websites (RoyalCFDs and SwiftCFD) interfaces look quite the same, no wonder, the regulator has also blacklisted SwiftCFD:

  "This firm (Swift CFD, a trading style of Digital Worldwide OU) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

   

SwiftCFD Review Conclusion

We strongly advise all investors and traders to avoid SwiftCFD or any other brand of the Digital Worldwide OU. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and BDSwiss.

SwiftCFD Update

Our research revealed that the SwiftCFD website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is BlueMax Capital Scam or Legit Broker?

No, it is not safe to trade with BlueMax Capital. BlueMax Capital is owned by BlueMax CapitalGlobal Ltd. which is an offshore company registered in Belize.

• Belize is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Trading Epic, BTCHOME, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is BlueMax Capital?

BlueMax Capital doesn't provide much information about its trading conditions as well as its regulation. It claims to have offices in Belize, Hong Kong, and the UK. However, we couldn't find any records of this company in the regulators' registers, which means that the broker most probably doesn't have a license to provide financial services in any of the mentioned countries.

• According to the website, the broker provides PAMM "Percentage Allocation Money Management" accounts that should guarantee the reliability, security, and transparency of all the activities within the system. However, the terms and conditions state that BlueMax Capital will not be held responsible for any of the investment decisions made on PAMM Accounts. This statement is actually the opposite of the "safety and security of funds" that the company promises and it usually means that the company will not compensate investors' losses in any case. 

BlueMax Capital  Review Conclusion

We advise all investors and traders to avoid BlueMax Capital and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and XM.com.

BlueMax Capital Update

Recently BlueMax Capital website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals. 

Is ItradeFXoption Scam or Legit Broker?

No, it is not safe to trade with ItradeFXoption. The broker doesn't provide any information about the company behind the brand's name as well as any regulatory information and contact details. This is actually a big red flag, as well-regulated brokers always provide information about their regulations, licenses, and locations. 

What is ItradeFXoption?

ItradeFXoption offers Forex, CFDs, and Cryptocurrency trading and claims to be the safest and the best trading platform. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The website itself doesn't look attractive and professional and also the content has some grammar mistakes.

• We also revealed that ItradeFXoption denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

ItradeFXoption Review Conclusion

We advise all investors and traders to avoid ItradeFXoption and other unregulated brokers. The lack of information about the broker's regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

ItradeFXoption Update

Our research revealed that the ItradeFXoption website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is 70Trades Scam or Legit Broker?

According to our research, it is not safe to trade with 70Trades. 70Trades is owned by Commodius FX Ltd. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to register online, prove initial establish capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, Wigmarkets, and more.
• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 70Trades?

70Trades is an offshore Forex broker. Its traders can choose from a large list of Stocks, Commodities, Currencies, and Indices. Among attractive broker’s offerings, are also the 24 hours a day customer service, user-friendly platforms, and multilingual support: English, Arabic, and Spanish. They claim to provide an easy withdrawal process, online trading courses, market news and updates, professional analysis, training sessions for each level, and webinars with investors from all around the world. However, all these benefits and pros do not guarantee the safety of funds and other issues during trading.

• There is also a group of companies Wanakena Ltd. behind the brand's name. It claims to be registered in Cyprus by the Cyprus Securities and Exchange Commission (check the CySEC-regulated TriumphFX Review), however, it is not overseen by this or any other reliable regulator and therefore, is not allowed to provide financial services. We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedback from traders about their negative experience with 70Trades. You can read the feedback here.

Overall 70Trades Ranking 

Based on our 70Trades research, we do not rank positively 70Trades.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• 70Trades Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

70Trades Alternative Brokers

Based on the research we conducted, we revealed many issues concerning the safety and reliability of 70Trades, thus here we offer much better Alternatives to 70Trades with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• XM– Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

70Trades in India

70Trades has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, so money safety may be the issue here.

70Trades in the USA

The United States is one of the countries that is not accepted by 70Trades. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for IronFX, you are only permitted to trade with the U.S-regulated platforms.

Deposits & Withdrawals

70Trades provides a variety of deposit methods to make funding your account as easy as possible (Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and Webmoney). The withdrawal process has also been simplified for traders' convenience. 

• 70Trades clients can open an account with only an initial deposit of $200 and start trading immediately. Accounts at 70Trades are denominated in US Dollars, so all trading deposits are going to be converted into the base currency of the client’s trading account (US Dollars).
• In case of the absence of any activity for a period of at least three (3) months, 70Trades reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.

Rollover Fee is charged at 0.02% of the overnight exposure on CFDs (Indices, Currencies, Stocks, and Commodities) and 0.50% on CFDs (Cryptocurrencies) due to high volatility.

Apps

70Trades offers a mobile platform to its traders. With the new technology that the mobile brings plus their advanced and responsive mobile platform traders can open trading positions anytime, anywhere. The platform is user-friendly and gives access to market analysis. It is also suitable for Apple and Android.

Demo Account

70Trades does not offer a demo account. 

70Trades Conclusion

Based on the issues we revealed on 70Trades mainly concerning its lack of regulations and safety, we strongly advise choosing only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for 70Trades is Negative

Is Capital Hall Scam or Legit Broker?

No, it is not safe to trade with Capital Hall. Capital Hall is owned by Capital Tech Ltd. which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium, and more.

What is Capital Hall?

There is another company behind the brand's name, Pbox Ltd., registered in Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.
Moreover, the broker has recently been blacklisted by the Central Bank of Ireland:
"The Central Bank of Ireland (‘Central Bank’) today, 18 February 2019, published the name of an unauthorized investment firm, Capital Hall/Capital Tech Ltd (Marshall Islands) – https://capitalhall.com. Capital Hall/Capital Tech Ltd (Marshall Islands) is not authorized to provide investment services in Ireland."

• We have also found out that Capital Tech Ltd. operates a few other brokers that were blacklisted by several regulators. Previously reviewed PBNTrade and PBNInvest that were blacklisted by the Austrian FMA.

Capital Hall Review Conclusion

We advise all investors and traders to avoid Capital Hall and other brokers from the Marshall Islands. Although not all offshore brokers are scams, there is still a big chance that you are risking your capital by signing in with an offshore broker. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Capital Hall Update

Our research revealed that the Capital Hall website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is K2 Wall Street Scam or Legit Broker?

K2 Wall Street is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is K2 Wall Street?

The broker is owned and operated by the K2 WALL STREET CO LIMITED and claims to have offices in London, UK, and New York, USA. According to the website, K2 WALL STREET CO LIMITED is an investment company whose activities are regulated and authorized by the UK jurisdiction SIC 66110 (Administration of financial markets) by the number of the certificate 11426191 (Companies House) is located in London, Great Britain.

• However, the Administration of financial markets is not the regulator that approves licenses for Forex brokers in the UK, it is the task of the Financial Conduct Authority. It turned out that K2 WALL STREET CO LIMITED is not licensed by the FCA, nor by any other authority.
• Moreover, this same regulator, Financial Conduct Authority, has recently issued a warning against K2 Wall Street:
  "This firm (K2 Wall Street) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."
  In addition, the company provides false information on the website regarding its numerous awards (like Best Broker 2016, Forex Broker Firm of the Year 2017, etc), which are fake.

K2 Wall Street Review Conclusion

Considering the above, we highly recommend avoiding K2 Wall Street and selecting a decent and licensed broker instead. Signing in with an unregulated or offshore broker is risky and the biggest red flag in Forest trading. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

K2 Wall Street Update

Our research revealed that the K2 Wall Street website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is CapitalFXclub Scam or Legit Broker?

No, it is not safe to trade with CapitalFXclub. CapitalFXclub is owned by Pro Capital which claims to be located in the United Kingdom. However, all the financial companies located in the UK should hold an FCA license, which is not the case with CapitalFXclub. According to the website, PRO CAPITAL provides premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. 

What is CapitalFXclub?

CapitalFXclub offers a wide variety of commodities and Forex products to its customers. The broker doesn't provide any information about its regulation and it seems that it is not overseen by any authority. In addition, Italy's regulator CONSOB has issued a warning against CapitalFXclub:
"The National Commission for Companies and the Stock Exchange has ordered the discontinuation of the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorized investment services and activities to the Italian public, implemented via capitalfxclub.com"

• In addition, despite its London location, the contact phone number is Italian, which is a sign that the company has been targeting Italian residents.

CapitalFXclub Review Conclusion

In conclusion, we advise avoiding trading with CapitalFXclub even though their offering might seem competitive and attractive. Safety of funds always goes first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

CapitalFXclub Update

Our research revealed that the CapitalFXclub website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.